Securities Regulators Turn Up Violations at 75 Businesses and Individuals
What’s new: China’s top securities regulator handed out penalties to a number of financial intermediaries and professionals following inspections that found market misconduct at 75 businesses and individuals.
The China Securities Regulatory Commission (CSRC) said it found violations by eight audit companies, six asset appraisal enterprises, 28 certified public accountants, 27 asset appraisers and six stock traders. Related punishments will be imposed on violators, the CSRC said.
What’s the context: The CSRC said most of the companies punished had flaws in their internal controls or failed to comply with business rules. The regulator turned over cases involving Zhongxinghua Certified Public Accountants LLP and Beijing North Asia Asset Assessment Firm to related authorities for further investigation.
The CSRC pledged to strengthen supervision of financial market misconduct amid easing controls last year over market entry rules for financial intermediaries.
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